Heller Ehrman and Thelen dissolved after big time mergers fell through. While our readers have been speculating on the next capitulation to the financial crisis, it seems that Powell Goldstein has narrowly avoided a full scale dissolution thanks to Bryan Cave. A tipster reports:
Powell Goldstein, which has been an prominent firm in Atlanta since 1909, will no longer exist next week. PoGo partners voted last week to approve an acquisition by Bryan Cave, and BC will announce the acquisition on Monday.
Bryan Cave did not return multiple calls requesting comment on the story. Meanwhile, a PoGo spokesperson said “I have nothing to report” when asked about the acquisition.
As we understand it, the union between Bryan Cave and PoGo is not a “merger” so much as it is a buy-out. Additional tipsters have reported that nobody from PoGo — not staff, not associates, not even partners — is safe. Equity partners could be let go early next week.
Putting together the rumors after the jump.
Rumors about PoGo’s demise have been swirling for some time. Over the summer we reported on layoffs at PoGo. Since then, there has been a steady stream of rumors about the firm.
Although we have not been able to confirm all of them with multiple sources, we’ve been told that PoGo no-offered 50% (or more) of their summer class. We also believe that there has been a slow leak of PoGo staff and associates that took place over the summer and early autumn.
Two sources had heard the rumor that PoGo was out of options. If some firm hadn’t stepped in, PoGo’s banks were likely to pull their credit line sometime next week.
I suppose we will have to wait till Monday to see the full details of this acquisition. But it looks like one of the oldest law firms in Atlanta won’t quite make it to its 100th birthday.
Update (3:30): PoGo Chairman James J. McAlpin, Jr. held a conference call to discuss our report. He’s assured associates that no layoffs will take place. Read additional coverage here.